Square Makes Bitcoin More Accessible: Merchants Can Now Convert Sales to BTC
Square, the financial services company formerly known as Square, is making it easier for merchants to embrace Bitcoin. On Wednesday, Square announced a new feature allowing Square sellers to automatically convert a portion of their daily sales into Bitcoin through the Cash App.
Square Sellers Go From Fiat to Bitcoin
Square sellers in the US can now convert 1-10% of their daily sales into Bitcoin. The conversion happens automatically at the close of each business day and is reflected in the seller’s Cash App account. Square charges a 1% fee for each conversion.
Square Doubles Down on Bitcoin
This announcement follows Square’s recent disclosure about developing its own Bitcoin mining chip using 3-nanometer technology. Square also plans to build a complete Bitcoin mining system, aiming to decentralize access to mining.
Expanding Bitcoin Adoption
Square’s Cash App revenue reached $14.3 billion in 2023, making it a significant platform for Bitcoin adoption. This new feature allows millions of Square sellers to easily invest a portion of their earnings in Bitcoin.
Democratizing Bitcoin Mining
Square’s mining efforts aim to make Bitcoin mining more accessible and less concentrated in the hands of a few companies. By offering standalone mining chips and complete mining systems, Square hopes to encourage broader participation.
Long-Term Vision for Bitcoin
Jack Dorsey, Square’s founder, believes a decentralized and permissionless future requires a more distributed mining network. Square’s initiatives aim to make Bitcoin mining more accessible and resilient in the long term.
Overall, Square’s move is a significant step towards making Bitcoin more accessible for both merchants and potential miners. This could lead to wider adoption and a more robust Bitcoin ecosystem.
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